Plug Energy inventory jumps as Evercore analyst says Lhyfe order is ‘first of many’ from a key companion

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Shares of Plug Energy Inc.
PLUG,
+3.82%

climbed 3.1% in afternoon buying and selling Thursday, within the wake of reports of an order from France-based renewable inexperienced hydrogen supplier Lhyfe S.A.
LHYFE,

of proton change membrane (PEM) electrolyzers with a complete capability of fifty megawatts (MW), or as much as 20 tons per day. With the order of 10, 5 MW PEM electrolyzer programs, Lhyfe is trying to produce renewable inexperienced hydrogen utilizing primarily wind and solar energy for mobility purposes, equivalent to forklifts and light-weight industrial autos, in Europe. Monetary phrases weren’t disclosed. Analyst James West at Evercore ISI stated the brand new order from Lhyfe is “simply the beginning of a deeper partnership,” and reiterated his outperform score and $45 inventory value goal. He famous that Plug and Lhyfe had initiated a partnership in October 2021, and have plans to develop 300 MW of renewable inexperienced hydrogen vegetation in Europe by 2025. “With Lhyfe focusing on over 3 [gigawatts] of hydrogen capability by 2030, we consider this order could possibly be the primary of many from a key strategic companion,” West wrote. Plug’s inventory has soared 52.8% over the previous three months, whereas the S&P 500
SPX,
+0.35%

has slipped 3.0%.

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